Intertape Polymer, Maxar Technologies release price guidance; CDK sets lender call

By Sara Rosenberg

New York, June 1 – On Wednesday, Intertape Polymer Group Inc. (Iris Holding Inc.) and Maxar Technologies Inc. came to market with first-lien term loans and released price talk on the proposed debt.

Intertape Polymer Group emerged in the morning with plans to hold a lender call at 3:30 p.m. ET on Wednesday to launch a $1.5 billion six-year first-lien term loan (B) talked at SOFR+10 basis points CSA plus 475 bps with a 0.5% floor, an original issue discount of 93 to 94 and 101 soft call protection for six months, according to a market source.

The company’s $1.75 billion of credit facilities also include a $250 million ABL revolver.

Maxar Technologies hosted a lender call at 2 p.m. ET, launching a $1.5 billion seven-year term loan B at talk of SOFR+CSA plus 400 bps to 425 bps with a 0.5% floor, an original issue discount of 96 and 101 soft call protection for six months, a market source remarked.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The company’s $2 billion of credit facilities (B2/B) also include a $500 million five-year revolver.

In addition, CDK Global Inc. joined this week’s primary calendar with plans to launch its buyout financing.

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